Billions of dollars have flowed into the Bitcoin of the United States list
Stock market negotiated funds (ETF) in recent weeks, while cryptocurrency has managed a net recovery rally from $ 75,000 to $ 100,000.
Most investments are probably pulled by daring and strategic upper directional betting rather than neutral arbitration games on the market, suggests data analysis.
The 11 Spot ETFs attracted $ 2.97 billion to investor money in April, with an additional $ 2.64 billion so far this month, according to the Sosovalue data source. This has increased net influx since its creation in January 2024 to more than $ 41 billion.
The institutions have historically used these ETFs to set up non -directional arbitration games to take advantage of price differences between future and Bitcoin markets. The so-called cash arbitration and transport consists in buying FNB while selling the contracts on CME simultaneously to pocket the premium in the long term while bypassing the risks of the price directorate.
But the entrances since early April seem to be led by Haussiers directional bets, not arbitration games. This is reflected in the merchant engagement report (COT) published each week by the Future Trading Commission commodities (CFTC).
The data show that leverage, generally desktop funds and various types of fund managers, including registered raw material trading advisers, reduced their Net shorts to 14,139 contracts from 17,141 contracts in early April, according to data followed by TradingSter.
The number of shorts would have increased if transport transactions had mainly led net entries.
“CFTC data show that leverage do not significantly increase short positions, indicating that most flows were directional bets, not an arbitration”, Imran Lakha, founder of Insight options, in a blog article published on Deribit.
The change in the nature of the entries in the ETF suggests that large players are increasingly using ETFs to express a clear market perspective on the future direction of Bitcoin.
Bitcoin has changed for the last time at $ 102,700 at the time of the press, according to Coindesk data.
